Around the world, insurance regulators are implementing Own Risk and Solvency Assessment (ORSA) frameworks, many of which have tight deadlines. Insurance organizations are finding that implementing ORSA and the detailed enterprise risk management program that goes along with it can be time-consuming and resource-intensive.
ORSA is an extensive program. Differing rules among jurisdictions mean that global insurance organizations will have to comply with local regulations as well as ORSA requirements at the group level. For compliance and risk executives, the complexity can seem overwhelming. Adding to the challenge of the situation is the fact that ORSA rules are still being written in many jurisdictions, while in others the guidance and implementation is being fleshed out.
Read this whitepaper to:
• Understand how the ORSA regulations developed globally
• Review ORSA framework information for 15 jurisdictions
• Read about the latest changes to ORSA regulatory regimes